What is economics

Using income for purchases, expenses, and debt

• spending

• savings

• goods

• services

things purchased by consumers

• goods

• consumer

• producer

• supply

A person who provides a good or service

• producer

• need

• want

• consumer

A person who purchases a good or service

• consumer

• taxes

• supply

• good

Basic things humans need to survive

• need

• want

• import

• demand

Which of these examples is a service?

• Mr. Farr sells guitars.

• Mr. Swenson gives art supplies to consumers.

• Coach provides lessons for different sports.

• Ms. Miller writes books.

Something we use from nature

• natural resource
• human resource
• capital resource
• entrepreneur

Something we use

• resource
• scarcity
• demand
• supply

Something we pay to use fora certain amount of time

• services
• goods

How much of something is available

• supply
• demand